SEC's Hedge Fund Doc Requests: Broad, Onerous

Following the SEC's recent formation of its "Hedge Fund Task Force," the Commission has taken its initial steps to investigate potential fraud within the hedge fund industry. The SEC has sent document requests to over two dozen hedge funds across the country.

The Commission has requested an inordinate amount of information from these funds, including: records of client and other accounts that made private investments in public equities ("PIPE" transactions), identities of finders, brokers or promoters...